The present invention relates generally to financial data systems. More particularly, the invention relates to methods and apparatus for a universal financial data system, part of which advantageously serves as a highly portable cash substitute that is also capable of electronically compiling, storing, and retrieving data related to multitudes of financial accounts and transactions in real time as the transactions occur.
In the prior art, there exists known financial data storage methods and apparatus that enable them to serve as cash substitutes. One example involves the familiar credit card, known by their various tradenames as Visa.TM. cards, MasterCard.TM. cards, and the like. On these prior art credit card, however, the amount and types of data stored are typically quite limited. For example, none of the prior art credit cards are capable of storing transactional data, i.e., data related to transactions involving the account associated with that card. Examples of such transactional data include the amounts of money spent on certain goods or services, the names of the establishment where such transaction takes place, the date and time of such expenditures, and the like. Further, each of these prior art cards is typically associated with a single account or a single financial institution. Because of this, it is necessary to carry multiple cards if the use of multiple accounts, some of which may be of different types and issued by different institutions, is desired. Consequently, while these cards are useful as cash substitutes, they do not satisfactorily serve as apparatus for storing data pertaining to one's financial conditions and activities.
Financial data storage systems are also known. By way of example, there exists software accounting packages designed for execution on digital computers, such as Quicken.TM. by Intuit Corporation of Menlo Park, Calif., that are capable of managing data related to financial accounts and transactions. However, these prior financial data storage systems are not designed to operate as cash substitutes. For example, they are neither convenient to carry nor linked to financial institutions to allow their users to obtain goods and services.
Further, they do not, in an integrated manner, gather transactional data automatically as transactions occur to update their accounts. Their function is purely bookkeeping. If the accounts in these prior art financial data storage systems are to be updated, their users would have to manually enter the transaction data, perhaps from the transaction receipts. Because of the additional labor required to track data related to transactions, users are often discouraged from consistently using these products to manage their financial data.
In view of the above, what is desired is an improved method and apparatus for a universal financial data system and card that not only serves as a portable cash substitute but also has the intelligence to gather transaction data as transactions occur to update its accounts. To reduce the number of cards a user has to carry, the improved apparatus is preferably capable of storing financial and transaction data related to multiple accounts, some or all of which may be issued by different financial institutions. To further improve usability, it is preferable that the universal data card communicate with other devices using a wireless link.